Are personal injury settlements marital property?

If you or your spouse suffers an injury due to carelessness or the negligence of another person, do you know what happens to your money and property in the event of a divorce? As a rule, the courts will divide marital assets and debts based on the method of equitable distribution. In this case, a number of factors are taken into account when determining the fair division of property and debt. What is martial property?

Protection

Even in a happy marriage, it is important to take steps to protect the settlement in the event of a divorce. It is very important to keep records of how the settlement money is spent. A personal injury attorney can advise you on how to set up your settlement so that it is protected throughout your lifetime.

Personal injury cases are complex in every way. It is important that you, as the injured party, also have legal assistance in order to present your case effectively. If the injury settlement is part of your or your spouse’s assets, it is important to speak with an attorney immediately. The laws relating to these cases have simply been rearranged. And you can’t handle it alone.

What is marital property between spouses?

Almost everything acquired during marriage becomes marital property. In a normal divorce, marital assets will include joint bank accounts, assets in one or both names. And other assets that both spouses will use over time. There are some exceptions and ways around this.

So how does this affect personal injury settlements?

Courts generally consider portions of personal injury settlements to be personal to the person who suffered the physical loss. If the couple happens to divorce, there are parts of the agreement that the injury victim will be able to keep.

There are several types of compensation that is paid to the victim

Non-economic damages are a type of compensation intended to cover the more immeasurable aspects of an injury. Including emotional distress, physical pain and suffering, loss of quality of life, and more.

Economic damages are a type of compensation intended to cover losses that are relatively calculable. Such as medical bills, lost income, daily out-of-pocket expenses, etc. Bodily injury settlements will need to be scrutinized.

Any compensation associated with a personal loss suffered by a person will generally remain with the injury victim. However, to the extent that the amount of the personal injury settlement represents compensation for medical bills or lost income that occurred during the marriage. The settlement may be considered marital property.

Seek legal help

If you are going through the process of divorce and want to receive a settlement for bodily injuries, but do not want it to become marital property, contact us so that we can come to your aid.

Your divorce attorney will be able to guide you further when it comes to determining how to divide marital property. That is why we are here for you, so that you can have the case in your favor.

Nedim Ramic and Bajric & Ramic team of attorneys are here for you. And you should not hesitate to call us today for a free consultation. The time is of the esence. If you find these information above useful, but you have more questions regarding the subject. Or you just need legal help straight forward, give us a call. On 314-352-6800 and get free consultations today!